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Maine.gov > PFR Home > Insurance Regulation > Administrative & Enforcement Actions > INS-10-306_Professional Liability Insurance Company of America

 

 

 

CERTIFIED MAIL

November 22, 2010

Mr. Dennis J. Hayes
Special Deputy Superintendent
New York Liquidation Bureau
123 William Street
New York, NY 10038

Re: Professional Liability Insurance Company of America in Rehabilitation
Order of Suspension of Certificate of Authority
Docket No. INS 10-306

 

On April 28, 2010, the Professional Liability Insurance Company of America was placed into Rehabilitation pursuant to Order of the Supreme Court of New York County, Index No. 400986/10. Due to these actions in the state of domicile, the Company does not qualify for continuing authority to transact insurance in the State of Maine pursuant to the provisions of 24-A M.R.S.A. §§417(2)(A) and 417(3).

In light of the foregoing, please be advised that the Certificate of Authority of Professional Liability Insurance Company of America to transact insurance in Maine is hereby suspended indefinitely, effective immediately. As confirmed by the New York Liquidation Bureau, the Company has no in-force policies and no outstanding claim obligations in Maine. During the term of the suspension, the Company may not transact any new insurance business in Maine but will continue to be responsible for filing its annual statement and paying any required fees, licenses and taxes.

The Company may, at any time, submit an application to the Maine Bureau of Insurance ("the Bureau") to lift this suspension and reinstate its authority to write new business. Counsel to the Rehabilitator has advised that the Rehabilitator consents on behalf of the Company to the entry of this Order of Suspension on the basis of the Company's Rehabilitation. Therefore, pursuant to 5 M.R.S.A. § 9053(2), the hearing provided under 24-A M.R.S.A. § 417(3) is deemed to be waived. This order constitutes a final agency action of the Superintendent of Insurance.

 

Per Order of

_________________________
Mila Kofman
Superintendent of Insurance

__11/23/2010___
Dated

 


 

 

Last Updated: January 22, 2014